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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 7, Problem 4E
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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Problem 11E
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Problem 13E
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Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
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Problem 14P
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Problem 1C
Problem 2C
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Problem 5C
Problem 6C
Problem 7C
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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Determining Net Purchases The following amounts were obtained from the accounting records of Newton Company, Washington Inc., and Adams Company:

Chapter 7, Problem 4E, Determining Net Purchases The following amounts were obtained from the accounting records of Newton

Required:

Next Level Compute the missing amounts.

To determine

Determine the missing amounts.

Explanation

Net method: Under net method, purchases of merchandises are recorded at the net invoice price which means the discounts are deducted from the gross invoice price.

Purchase discounts: The sellers offer a reduction in purchase price on initial purchases, to accelerate the collection of on account purchases, by their customers, within the purchase terms promptly. Such a reduction in purchase price is referred to as purchase discount.

Purchase returns: Purchase returns are the goods returned by the buyer out of the goods purchased.

Working note 1: (a) Determine the net purchases for Company N:

Net purchases=Purchases+Freight-in−[Purhcases discounts]−[Purchases returns and allowances]=$67,200+$2,300−$4,110−$3,180=$69,500−$7,290=$62,210

Therefore, the net purchases of Company N are $62,210.

Working note 2: (b) Determine the freight-in costs for Incorporation W:

Net purchases=Purchases+Freight-in−[Purhcases discounts]−[Purchases returns and�

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Ch-7 P-1GICh-7 P-2GICh-7 P-3GICh-7 P-4GICh-7 P-5GICh-7 P-6GICh-7 P-7GICh-7 P-8GICh-7 P-9GICh-7 P-10GI
Ch-7 P-11GICh-7 P-12GICh-7 P-13GICh-7 P-14GICh-7 P-15GICh-7 P-16GICh-7 P-17GICh-7 P-18GICh-7 P-19GICh-7 P-20GICh-7 P-21GICh-7 P-22GICh-7 P-23GICh-7 P-24GICh-7 P-25GICh-7 P-26GICh-7 P-27GICh-7 P-28GICh-7 P-29GICh-7 P-30GICh-7 P-1MCCh-7 P-2MCCh-7 P-3MCCh-7 P-4MCCh-7 P-5MCCh-7 P-6MCCh-7 P-7MCCh-7 P-8MCCh-7 P-9MCCh-7 P-10MCCh-7 P-1RECh-7 P-2RECh-7 P-3RECh-7 P-4RECh-7 P-5RECh-7 P-6RECh-7 P-7RECh-7 P-8RECh-7 P-9RECh-7 P-10RECh-7 P-11RECh-7 P-12RECh-7 P-13RECh-7 P-14RECh-7 P-15RECh-7 P-1ECh-7 P-2ECh-7 P-3ECh-7 P-4ECh-7 P-5ECh-7 P-6ECh-7 P-7ECh-7 P-8ECh-7 P-9ECh-7 P-10ECh-7 P-11ECh-7 P-12ECh-7 P-13ECh-7 P-14ECh-7 P-15ECh-7 P-16ECh-7 P-17ECh-7 P-18ECh-7 P-19ECh-7 P-20ECh-7 P-21ECh-7 P-22ECh-7 P-1PCh-7 P-2PCh-7 P-3PCh-7 P-4PCh-7 P-5PCh-7 P-6PCh-7 P-7PCh-7 P-8PCh-7 P-9PCh-7 P-10PCh-7 P-11PCh-7 P-12PCh-7 P-13PCh-7 P-14PCh-7 P-15PCh-7 P-16PCh-7 P-17PCh-7 P-1CCh-7 P-2CCh-7 P-3CCh-7 P-4CCh-7 P-5CCh-7 P-6CCh-7 P-7CCh-7 P-8CCh-7 P-11C

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